MATH PROBLEm?

mary puts $1,500 in a bank certificate that pays an annual rate of 4.5% compounded anually. no withdrawls or deposits are made.How much will the certificate be worth (to the nearest dollar) at the end of 7 years?

MATH PROBLEm?credit check

How much will it be worth after 1 year?

$1,500*(1+.045)

After two years?

[$1,500*(1+.045)]*(1+.045) = $1,500*(1+.045)^2

After seven years (end of seven years)?

$1,500*(1+.045)^7 = $2041.29 ~ $2041

Capisce?

MATH PROBLEm?

loan

Good luck|||Nothing if she puts it in a bad bank, and what with the economy being as it is and bush letting anybody and their brother accept federal bailouts while stiffling the little guy, I would say Mary is better off at putting that money in a sock under her mattress.|||use this:

http://mathworld.wolfram.com/CompoundInt...|||1,500 x 1.045^(7) = 1,500 x 1.36 = 2,041|||$2041|||$1532|||$1972.5

you take the rate (4.5%) times it by the amount ($1500) then times that by years(7) and then add the orignal amount back in ($1500)|||Y1 - 1500 + 4.5% = 1567.5

Y2 - 1567.5 %26quot; %26quot; = 1638.04

Y3 - 1638.04 %26quot; %26quot; = 1711.75

Y4 - 1711.75 %26quot; %26quot; = 1788.78

Y5 - 1788.78 %26quot; %26quot; = 1869.27

Y6 - 1869.27 %26quot; %26quot; = 1953.39

Y7 - 1953.39 %26quot; %26quot; = 2041.29

Final - $2,041

The other methods might be quicker but it%26#039;s important to show your work.